Research notes

Shell PLC, previously Royal Dutch Shell PLC, is a British multinational integrated oil and gas company with headquarters in London and operations in over 70 countries. Shell operates across five divisions: Integrated Gas, Upstream, Marketing, Chemicals and Products, Renewables and Energy Solutions.

Meta Platforms, Inc. (formerly known as Facebook, Inc.) is a leading global technology platform business headquartered in Menlo Park, California, US. Co-founded in 2004 by Mark Zuckerberg, Meta's mission is to connect people and build community through its innovative technology portfolio and social networking platforms.

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories.

The Walt Disney Co. operates as a global entertainment company. It owns and operates television and radio production, distribution and broadcasting stations, direct-to-consumer (DTC) services, amusement parks, cruise lines and hotels. It operates through the following business lines: Disney Entertainment, ESPN, and Disney Parks, Experiences, and Products. The company was founded by Walter Elias Disney on 16 October 1923 and is headquartered in Burbank, California.

The 1H26 result was softer than expected, with revenue, margins and profit negatively impacted mainly on longer than anticipated contracting for the newly launched Nucleus Nexa system (Nexa). Soft Cochlear Implants (CI) growth mis-matched sales, reflecting unfavourable emerging market mix and delayed developed market momentum, while Services was flat and Acoustics surprised to downside on increased competitive pressures. While Nexa adoption accelerated late in the half and management maintained FY26 guidance, but now is targeting the lower end of the range, it increases reliance on a strong 2H recovery which appears optimistic, especially in light of flat GM and FX headwinds. We adjust our FY26-28 estimates and lower our target price to A$214.93. We maintain a cautious stance, but move to HOLD on share weakness.

We update our outlook and forecasts for DYL to reflect a series of changes at the corporate, project and macro level since our last update. Key revisions include adjustments to first production timing at Tumas, cash position and an uplift to our bull-case uranium price assumption. We maintain our SPECULATIVE BUY rating and increase our price target to A$2.56ps (from A$1.92ps).

WJL announced that potential takeover discussions with both Helloworld (HLO) and BGH Capital have ceased. WJL has downgraded its FY26 EBITDA guidance by another 7-9%. Earnings uncertainty remains high given cyclical and structural threats and at a time when WJL is investing in its business for longer term success. Given WJL is no longer in play, focus returns to the fundamentals of the business which look challenged in the near term. We retain a Hold rating with a new price target of A$0.61.

A largely stable 1Q26 result compared to the 2H25 quarterly average (normalised for 2H25’s restructuring charge), which is better than 1H26 expectations. We are assuming a more bullish loan growth and impairments outlook than previously (and slightly more conservative costs). There is no change to FY26F EPS but there are 5-8% upgrades to FY27-28F. Target price lifts to $35.12/sh. We upgrade to TRIM given the improved, but still negative, potential TSR.